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Global Markets Rise as Weak US Jobs Data Eases Rate Hike Fears
Fed funds futures now imply a 46.8% chance of steady rates in September after weak U.S. payroll data, CME Group’s FedWatch tool said.
- Global stocks climbed on Friday after lukewarm U.S. jobs data softened expectations for an imminent rate hike from the Federal Reserve, with MSCI's broadest world index rising 0.4 per cent.
- U.S. job growth slowed sharply in June with payroll gains for the prior two months revised lower, pointing to a cooling labour market. The unemployment rate dropped to 4.2 per cent from 4.3 per cent in May.
- South Korea's Kospi closed around 6 per cent higher as buyers pounced on battered chipmaker stocks, while the European STOXX 600 reached 651.77 before settling to 648.74.
- Dan Coatsworth, at investment platform AJ Bell, noted that while movements imply a more upbeat investor, it remains important to monitor U.S. tech stocks, as many are "coming off the boil."
- James Rossiter, head of global economics at TD Securities, identified shipping capacity as a key anticipated risk this year. Ships have been rerouted due to the Hormuz Strait closure, leading to "less shipping capacity globally.
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Asian Stocks Rally as Cooling U.S. Labor Market Strengthens Expectations for Fed Rate Pause
Asian stock markets moved higher on Friday as investors welcomed signs that the U.S. labor market is slowing, reducing expectations that the Federal Reserve will ... The post Asian Stocks Rally as Cooling U.S. Labor Market Strengthens Expectations for Fed Rate Pause first appeared on [your]NEWS.
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Coverage Details
Total News Sources18
Leaning Left0Leaning Right7Center3Last UpdatedBias Distribution70% Right
Bias Distribution
- 70% of the sources lean Right
70% Right
C 30%
R 70%
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